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(Wallace Refiners) – IAMGOLD (TSX: IMG) (NYSE: IAG) announced yesterday that the company, together with the joint venture partner AngloGold Ashanti, have completed the previously announced sale of their collective interests in Sadiola gold mine, located in the Kayes region of Western Mali.
Prior to the completion of the transaction, IAMGOLD and AngloGold Ashanti each held a 41% interest in Sadiola with the remaining 18% interest held by the Republic of Mali.
Upon completion, IAMGOLD and AngloGold received $50 million ($25 million each to IAMGOLD and AngloGold) from Allied Gold and the Republic of Mali.
Following the completion, IAMGOLD and AngloGold remain entitled to the various deferred consideration.
President and CEO Gordon Stothart commented, “We are pleased to complete this transaction, which underpins our commitment and focus on a prudent capital allocation strategy as we embark on a transformational path with the execution on our growth pipeline. The Sadiola mine was the founding cornerstone asset and building block of our company, and we would like to recognize the Sadiola team, surrounding communities and all stakeholders for their valued support over more than twenty years.”
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